B.C. renters’ rebate moving ahead after 2017 promise
Posted February 28, 2023 3:34 pm.
Last Updated February 28, 2023 3:35 pm.
It was an election promise in 2017 and now, about six years later, B.C. is vowing to make good on its renters’ rebate pledge.
As part of Budget 2023, the BC NDP says eligible British Columbians will save “as much as $400 annually” through the “Renter’s Tax Credit” starting in 2024.
The credit, formerly described as a renters’ rebate, will be income-tested and is geared toward low-and-moderate income renters in B.C.
“Eligible households that rent and occupy living accommodation in B.C. for at least six months in a calendar year will be able to claim the credit,” the Budget 2023 document explains.
Households with an adjusted income of up to $60,000 will be able to claim the maximum amount of $400, while a partial credit will be available to those making as much as $80,000 per year.
The BC NDP says this credit is “expected to reach more than 80 per cent of renter households, including people who receive income and disability assistance or support from the Rental Assistance Program (RAP) or Shelter Aid for Elderly Renters (SAFER).”
In total, the credit is expected to cost the province $939 million over three fiscal years.
Read the full budget breakdown here.